Investor Presentation

Review of Q2 FY2022

Version 2.0

This Investor Presentation should be read in conjunction with the JKH Annual Report 2020/21 to obtain a more comprehensive understanding of the drivers and strategies of our businesses

About JKH

▪ Market cap of USD 980.8 million

▪ No controlling shareholder - 99% free float

▪ Net Debt : Equity ratio of 24.7%*

▪ The Board comprises of two Executive Directors and five Independent Non-

Executive Directors

▪ Focus on sustainability related aspects, where the Group has re-established its

second round of sustainability goals for 2024/25 to further reduce energy and

water usage amongst others

▪ Establishment of a Diversity, Equity, and Inclusion (DE&I) programme towards

increasing the diversity of the Group’s workforce

2

*Net Debt excludes the Right-of-Use assets due to the accounting impacts of SLFRS 16 – Leases. The net debt-to-equity ratio including SLFRS 16 - Leases is 35.2%

COVID-19 impact on Sri Lanka and JKH; Q2 2021/22 update

• During the quarter under review, Sri Lanka experienced a rapid outbreak of a third waveof COVID-19 cases with the number of daily cases and deaths across the country reachingpeak levels.

• As a result, the Government imposed an island-wide quarantine curfew from mid-Augusttill end-September to contain the spread of the virus, exerting pressure on Groupperformance during the quarter, particularly during the month of September.

• However, since the end of the quarter, most of the restrictions have been eased, includingthe restrictions on inter-provincial travel, and business activity has shown a strongrecovery momentum.

• The corresponding quarter of the previous year was a relatively more “normal” quarter,with no COVID-19 related disruptions, where the country witnessed a faster thananticipated recovery momentum post the outbreak of the first wave, with the performanceof most of our businesses reaching pre-COVID-19 levels.

• During the quarter under review, the Government rolled out an aggressive vaccinationdrive across the country. Accordingly, it is noteworthy that almost the entirety of thepopulation over 30 years of age have been fully vaccinated while the vaccination rate isapproximately 87 per cent of the population over the age of 20 years in Sri Lanka.

• The Group expects a more sustained recovery in comparison to the previous outbreaks, asevident in other countries, as Sri Lanka has reached high levels of vaccination.

3

Cumulative EBITDA : for the year ended 31 March 2021

Total EBITDA* 15,609 20,188 (23)

Recurring EBITDA** 15,572 20,069 (22)

Recurring EBITDA excluding Leisure*** 19,160 17,763 8

*EBITDA includes interest income, fair value gains and losses on investment property and share of results of equity accounted investeeswhich is based on the share of profit after tax but excludes exchange gains or losses on its foreign currency denominated debt and cash.

**Fair value gains and losses on investment property (IP) have been excluded for all businesses, with the exception of Property.

***Leisure is excluded due to the impacts of the COVID-19 pandemic.

4

Industry GroupFY2021

(Rs. Million)FY2020

(Rs. Million)YoY Growth

(%)

Transportation 3,610 4,375 (17)

Consumer Foods 3,321 3,408 (3)

Retail 5,523 5,108 8

Leisure (3,572) 2,327 (253)

Property (17) 641 (103)

Financial Services 3,645 2,988 22

Other, incl. IT and Plantation Services 3,100 1,340 131

EBITDA: for the quarter ended 30 September 2021

5

Industry GroupQ2 FY2022

(Rs. Million)Q2 FY2021

(Rs. Million)YoY Growth

(%)

Transportation 1,201 929 29

Consumer Foods 600 953 (37)

Retail 1,328 1,373 (3)

Leisure (46) (1,187) 96

Property 1,261 (12) 10,291

Financial Services 982 652 51

Total EBITDA 6,405 3,316 93

Total EBITDA excluding Leisure 6,452 4,503 43

• It should be noted that Q2 FY2021 was a relatively more “normal” quarter, with no COVID-19 related disruptions, where the countrybenefited from a faster recovery momentum post the outbreak of the first wave with most of our businesses reaching pre COVID-19levels.

• The Leisure industry group recorded a positive EBITDA in the months of August and September driven by the performance of theMaldivian Resorts segment.

• The increase in EBITDA of the Property segment is attributable to the revenue recognition of the residential apartment units at“Cinnamon Life”.

EBITDA: for six months ended 30 September 2021

6

Industry GroupYTD FY2022 (Rs. Million)

YTD FY2021 (Rs. Million)

YoY Growth (%)

Transportation 2,224 1,324 68

Consumer Foods 918 1,440 (36)

Retail 2,891 1,875 54

Leisure (695) (2,648) 74

Property 1,803 (41) 4,471

Financial Services 1,752 1,189 47

Total EBITDA 11,170 4,118 171

Total EBITDA excluding Leisure 11,865 6,766 75

Portfolio evaluation 2020/21; returns vs. effective capital deployed

Industry group Effective capital employed (%)

Cinnamon Life 34

Leisure 19

Property (Excluding Cinnamon Life) 9

Transportation 6

Financial Services 5

Retail 6

Consumer Foods 2

Plantations 1

Information Technology 1

▪ In addition, the Holding Company accounts for 19 per cent of effective capitalemployed which consists primarily of cash, short-term investments and depositswith a maturity between 1-3 years.

The Group is now poised to reap the benefits from the 'Cinnamon Life' project, given the revenue and profit recognition in lieu of the commencement of the handover of the residential units

7

Transportation - overview

▪ Port of Colombo:

▪ 42% stake in SAGT (capacity: ~2 million TEUs)

▪ Development of the West Container Terminal-1 (capacity: ~3.2 million TEUs)

▪ One of the largest cargo and logistics service provider in the country

▪ Leading bunkering services provider

▪ Joint Ventures with Deutsche Post for DHL air express and A P Moller for Maersk

Lanka

▪ GSA for KLM Royal Dutch airlines and Gulf Air

▪ Other operations include warehousing, supply chain management

8

KARACHI

GWADARBAHL

MUMBAI

CHENNAI

VISHAKHAPATNAM

KOLKATA

CHITTAGONG

YANGON

MOMBASA

LAMU

DAR-ES-SALAM

CAPE TOWN

PORT LOUIS

ADEN

KOCHI

The strategic location of the Port of Colombo linking key shipping routes

9

Capacity enhancements in the Port of Colombo

• CICT - Colombo International Container Terminal

• ECT - East Container Terminal• SAGT - South Asia Gateway Terminal• JCT - Jaya Container Terminal• WCT-1 – West Container Terminal -1

The development of the West Container Terminal-1 (WCT-1) in the Port of Colombo, as the partner of Adani Ports and Special Economic Zone Limited (APSEZ), the Build, Own and Transfer Agreement between the Sri Lanka Ports Authority (SLPA) and the project company, Colombo West International Container Terminal (Private) Limited (CWIT), was executed for a lease period of 35 years. 10

WCT-1

Sustained volume growth in the Port of Colombo

11

4.31

4.91 5.19

5.74

6.21

7.05 7.23

6.85

2013 2014 2015 2016 2017 2018 2019 2020*

Mil

lio

n T

EU

s

*The impact from COVID-19 at the PoC was more pronounced during the first quarter of 2020/21, when the pandemic escalated in Sri Lanka and the region. However, the rate of recovery in volumes thereafter was encouraging, reaching near pre COVID-19 levels by the end of the year.

PortContainer handling

capacity (TEUs)

Colombo 8 million

Hong Kong 21 million

Singapore 40 million

Shanghai 36 million

Sources: Government websites/ Sri Lanka Ports Authority

Rapid absorption of capacity in the Port of Colombo

12

2Q FY22 earnings update: Transportation industry group

• The increase in EBITDA is attributable to the performance of the Group’s Ports business, South Asia Gateway Terminals (SAGT), and the Bunkering business, Lanka Marine Services (LMS).

• Although the overall Port of Colombo and SAGT witnessed a decline in volumes during the quarter due to disruptions in global vessel movement, the profitability at SAGT recorded an increase as a result of an improved volume mix and higher revenue from ancillary operations.

• LMS recorded an increase in profitability driven by a double-digit growth in volumes.

(Rs. mn) Q2 2021/22

Q2 2020/21

EBITDA 1,201 929

Volumes (TEU)2020/21 2021/22 % YoY

ChangeQ2 Q3 Q4 Q1 Q2

SAGT 527,456 439,171 466,700 462,057 433,535 (18)

SLPA* 614,053 484,800 520,644 567,505 554,946 (10)

CICT 769,320 740,970 762,172 796,523 805,565 5

Total 1,910,829 1,664,941 1,749,516 1,826,085 1,794,045 (6)

Volumes (TEU)2020/21 2021/22

Q2 Q3 Q4 Q1 Q2

Domestic: Transshipment volume mix

11:89 14:86 16:84 16:84 13:87

300

400

500

600

700

800

900

Q2 Q3 Q4 Q1 Q2

2020/21 2021/22

Port of Colombo - volumes ('000 TEUs) SAGT

SLPA

CICT

*Includes volumes of JCT and ECT terminals

Opportunities for growth in the Bunkering businesses

Bunkering Business (Lanka Marine Services)

Port of Hambantota

▪ LMS was the first to enter into a short-term fuel contract with Sinopec Fuels of Lanka (SFOL) for the saleand purchase of 20,000 MT of cargo imported by SFOL.

▪ Strong opportunities for private bunkering service providers with infrastructure in place for inland storage of petrochemicals and a pipeline to the Port.

▪ The Port will occupy an area of 1,815 hectares and have a capacity to accommodate 33 vessels at a time.

▪ Positioned within 10 nautical miles of the world’s busiest shipping lanes in which 200 to 300 ships sail through on a daily basis.

Logistics Business (John Keells Logistics)

▪ Total warehouse space under management during the quarter under review was approx. 336,500 Sq.Ft at a capacity utilisation of 87 per cent.

13

LMS2020/21 2021/22

Q2 Q3 Q4 Q1 Q2

YoY volume growth (%) (20) 1 (10) 5 24

Consumer Foods - overview

▪ Market leader in soft drinks, ice creams and processed meats▪ Custodians of the consumer brands “Elephant House”, “Keells - Krest”:

high brand equity

Key performance indicators (%) FY2017 FY2018 FY2019 FY2020 FY2021*

Growth of Frozen Confectionery volumes

11 (4) 10 3 (1)

Growth of Beverage volumes (CSD) 10 (16) (25) 7 (14)

Growth of Convenience Foods volumes

(4) 3 7 (0) (6)

EBITDA margin 27 20 18 20 20

14

2Q FY22 earnings update: Consumer Foods industry group

• The imposition of the quarantine curfew significantly impacted the previously witnessed momentum of a rebound in volumes, with the Beverage and Frozen Confectionery businesses recording declines.

• The profitability of the businesses were also impacted by pressure on some raw material prices and the increased factory related costs due to the COVID-19 safety protocols.

• The pressure on product margins due to increasing raw material prices, which is largely a global phenomenon, is likely to continue over the next few quarters where all necessary measures to mitigate this impact will be undertaken to the extent possible.

(Rs. mn) Q2 2021/22

Q2 2020/21

EBITDA 600 953

Key performance indicators (%)FY2021 FY2022

Q2 Q3 Q4 Q1 Q2

Growth of Frozen Confectionery volumes

19 (11) 30 25 (12)

Growth of Beverage volumes (CSD) 1 (13) 1 18 (14)

Growth of Convenience Foods volumes

(2) (13) 22 30 0

EBITDA (Rs. million) 953 605 1,276 318 600

EBITDA margin 20 17 24 9 13

Revenue mix (CSD:FC) 42:58 42:58 44:56 41:59 41:59

*Annual volume growth in the Consumer Foods businesses in FY2021 were impacted as a result of the disruptions to sales due to the COVID-19 pandemic.

Low consumption patterns and penetration reflects potential for sustained growth

▪ The bulk-impulse mix of regional markets ishighly skewed towards the impulse markets,demonstrating the significant growth potentialfor the impulse category.

▪ To leverage on the opportunity available in theimpulse category, CCS invested in a state-of-theart ice cream plant in Seethawaka whichcommenced operations in Q1 FY2018/19.

▪ CCS reformulated its flagship flavours andapproximately 30 - 45 per cent of the CSDportfolio’s calorific sugar content isreformulated and replaced with Stevia; anatural sweetener with zero calories.

▪ CCS also launched non-CSD products such asplain milk, flavoured milk and water brandedunder Elephant House, and additional flavoursof fruit juice branded under “Fit-O”.

Sri Lanka Thailand Malaysia

70%30%

8%

92%

56%

44%

Bulk vs. Impulse Split - Regional

Impulse Bulk

15

52.0

39.0

31.4

19.0

10.0

Philippines Thailand Singapore Malaysia Sri Lanka

Carbonated Soft Drinks - Per Capita Consumption (Litres)

Sources: Central Bank of Sri Lanka, Nomura Research Institute, Unilever Corp, Web articles

70

49 4843 40

16

Singapore Malaysia Hong Kong Taiwan Thailand Sri Lanka

Modern Retail Penetration (%)

Retail - overview

Present share of modern retail No. of outlets

Keells * 124

Cargills 462

Arpico 49

Laugfs 37

SPAR 8

Glomark 10

* As at 30 September 2021

▪ The Retail industry group consists of two business verticals; ▪ Supermarkets▪ Office Automation

▪ “Keells” is a chain of ~10,000 square foot modern grocery retail outlets

16

▪ Comparatively higher modern trade density – population per store ratios as against regional peers

▪ High potential for expansion due to lower penetration of modern trade in Sri Lanka

▪ With approximately 200 outlets expected by FY2023/24, 15 new stores were opened during FY2020/21. The total store footprint as at 30th September 2021 is at 124 outlets, with one new outlet opened during the quarter under review

13

2

47

30

21

.0

7.3

4.7

4.5

3.7

3.6

3.4

3.0

2.5 1.9

0.9

Modern trade density – population (’000) per store

Source: Retail and shopper trends in the Asia Pacific, AC Nielsen

Keells current coverage

Rapid expansion to capitalise on low retail penetration levels

17

▪ While the business will continue to selectively expand its outlet network considering the underlying growth prospects for the industry, it has also ramped up its capability, offering and customer experience on its e-commerce platform

Supermarkets - overview

18

Profitability margin (%)

FY2017

FY2018

FY2019

FY2020

FY2021

EBITDA (Rs.milllion) 2,010 1,975 2,465 4,267 4,144

EBITDA margin 6.7 5.3 5.4 7.8 7.6

EBIT margin 5.7 4.0 2.6 4.7 3.8

2Q FY22 earnings update: Retail industry group

• The decline in profitability in the Supermarket business is due to the closure of outlets to the public for half of the quarter as a result of quarantine curfew. While same store sales recorded a growth in the months of July and August, despite the imposition of curfew for two weeks in the month of August, same store sales and profitability in the month of September was significantly impacted due to the outlet closures.

• With the easing of restrictions on movement, outlets have now opened to customers, adhering to the strict safety guidelines issued by the Government and health authorities, with a strong rebound in sales.

• The mobile phones business recorded an increase in profitability driven by a strong growth in volumes.

(Rs. mn) Q2 2021/22 Q2 2020/21

EBITDA 1,328 1,373

Key performance indicators (%)

FY2021 FY2022

Q2 Q3 Q4 Q1 Q2

Same store sales growth

(1.9) (1.0) 1.5 39.3 (8.7)

Same store footfall growth

(17.2) (33.9) (19.1) 37.6 (37.2)

Average basket value growth

18.5 49.6 25.5 1.2 45.2

EBITDA (Rs. million) 1,069 1,366 1,400 1,090 578

EBITDA margin 7.6 8.7 9.2 7.2 4.1

Given the change in the shopping patterns of customers where the frequency and purchase patterns have changed due to consolidation of baskets, the statistics on footfall and basket values are distorted.

Leisure - overview

▪ Chain of Resort hotels in Sri Lanka

‾ 8 Resort hotels in strategic tourist destinations (1,022 rooms)

‾ 10% of the country’s 4-5 star class tourist accommodation

▪ 2 five-star city hotels in Colombo (847 rooms)

▪ 243 roomed lean luxury hotel managed by Cinnamon; “Cinnamon Red”

▪ 4 Resort properties in the Maldives (454 rooms)

▪ Established hotel brand – “Cinnamon”

▪ Leading inbound tour operator in Sri Lanka

▪ Tour operator partners include global players such as Kuoni, Hotel Plan and Virgin

Holidays

19

▪ Greater focus on asset light investment models as a part of the

strategy to enhance the “Cinnamon” footprint in Sri Lanka

▪ Land bank of 125 acres of freehold and 111 acres of leasehold

land in addition to 517 acres of leasehold land in Digana

▪ Of the total freehold land acreage owned, a total of 96 acres

of freehold land are in key tourist hotspots:

▪ Ahungalla (Southern Province) : 10.9 acres

▪ Trincomalee (Eastern Province) : 14.6 acres

▪ Nilaveli (Eastern Province) : 41.7 acres

▪ Wirawila (Southern Province) : 25.2 acres

▪ Nuwaraeliya (Central Province) : 3.4 acres

Round trip offering in key tourist destinations; further potential to expand the “Cinnamon”’ footprint

20

*Colombo Hotels occupancy and ARR excludes Cinnamon Red

Occupancies and average room rates

21

Sector

FY2021 FY2020

Occupancy (%)

ARR (US $)

Occupancy (%)

ARR (US $)

Colombo Hotels* 3 104 34 100

Sri Lankan Resorts 16 64 61 78

Maldivian Resorts 27 349 56 364

2Q FY22 Earnings update: Leisure industry group

• Driven by the performance of the Maldivian Resorts segment, the Leisure industry group recorded a positive EBITDA in the months of August and September.

• The Maldivian Resorts segment continued its encouraging recovery momentum seen Q1FY22, where occupancy was higher than anticipated during the quarter on the back of recoveries in arrivals. Based on the current forward bookings, the upcoming winter season is expected to recover to pre pandemic levels.

(Rs. mn) Q2 2021/22 Q2 2020/21

EBITDA (46) (1,187)

• Given the slowdown in domestic tourism due to the current outbreak of COVID-19 cases, three Sri Lankan hotel properties were used as intermediate care centres (ICC) for the treatment of asymptomatic patients. This aided to mitigate the impact of a drop in domestic tourism.

• With the resumption of tourism in Sri Lanka, operations are expected to recover over the next few months as the Group’s properties are well prepared and geared to take advantage of the pent-up demand for leisure travel from the various markets.

Key indicators

Colombo Hotels* Sri Lankan Resorts Maldivian Resorts

FY2021 FY2022 FY2021 FY2022 FY2021 FY2022

Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2

Occupancy (%)

2 3 6 6 20 31 8 21 18 18 7 24 53 48 76

ARR(US $) 64 65 63 61 54 58 63 66 50 38 367 364 343 259 262

EBITDA Margin (%)

(60) (131) (31) (73) (40) (62) (116) (80) (138) (179) (245) 7 34 3 25

YearTourist arrivals

(In 000’s)Growth (%)

2010* 654 46

2015 1,798 18

2016 2,051 14

2017 2,116 3

2018 2,334 10

2019 1,913 (18)

2020 508 (74)

• During the quarter, Sri Lanka opened its borders for fully vaccinated tourists where authorities have relaxed the healthcare restrictions on arrivals into the country where travellers with a negative COVID-19 test result 72 hours prior to arrival do not need to quarantine or test on arrival. Whereas tourists who are not fully vaccinated are required to undergo Day 1 PCR, and upon a negative PCR, undergo home quarantine for 14 days

• Tourist arrivals recorded in the months of September and October 2021 were 13,547 and 22,771 respectively, displaying an encouraging recovery momentum

• Sri Lanka was removed from the United Kingdom’s “COVID-19 travel red list” on the 22 September 2021

Source: Sri Lanka Tourism Development Authority

Trend of tourist arrivals to Sri Lanka

22

*2010 included due to being the first full post-war year.

-

500

1,000

1,500

2,000

2,500

19

85

19

90

19

95

20

00

20

05

20

10

20

15

20

20

Annual tourist arrivals to Sri Lanka ('000)

Source: Sri Lanka Tourism Development Authority

Significant growth in Asian arrivals to Sri Lanka

23

*2019 and 2020 arrivals were impacted by Easter Sunday terror attacks and the COVID-19 pandemic respectively

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

*

20

20

**

Tourist Arrivals

Source: Governmental tourism websites

Tourist arrivals to Sri Lanka lag well below regional peers

24

0

5

10

15

20

25

30

35

40

45

Malaysia Indonesia Thailand Vietnam Cambodia Sri Lanka

Arr

ival

s in

mil

lio

ns

1990 2019

60,000

31,79030,114

26,113

9,100 7,6005,019

Bangkok Manila Kuala Lampur Jakarta Ho Chi Minh Hanoi Colombo

Room inventory in Colombo lags far behind other popular regional capital cities

25

Property - overview

▪ “John Keells Properties”; explore property development opportunities by leveraging on brand equity

▪ Focused strategies for expansion via developer/landowner tie ups

▪ Catering to different target market segments:▪ Luxe Spaces▪ Metropolitan Spaces▪ Suburban Spaces

▪ High-rise apartment complexes completed▪ “7th Sense” on Gregory’s Road▪ OnThree20▪ The Emperor▪ The Monarch

“7th Sense” on Gregory’s Road

OnThree20

26

▪ Low levels of urbanisation within Sri Lanka in comparison to regional peers

▪ Annual condominium supply far below regional peers

Sources: KL: CBRE property market outlook 1Q 2018 (forecast for 2018)HCMC: CBRE Vietnam property overview Q1 2017 (forecast for 2018)CMB: Internal Estimates (forecast for 2018)

Industry potential

27

53,796

38,000

2,187

KL Ho Chi Minh City Colombo

Annual condominium supply in regional cities

Low penetration of apartment living in Colombo

28

Source: Company analysis

10%

95%

80%

60%70%

50% 55%65%

90%

5%

20%

40%30%

50% 45%36%

GreaterColombo

Singapore Thailand(Central

Bangkok)

Thailand(Outskirts)

Malaysia(Central KL)

Malaysia(Greater KL)

India (Chennai) India(Bangalore)

Apartments Landed houses

Prime land bank of over 36 acres in central Colombo

▪ Prime land bank of over 36 acres held in central Colombo

▪ One of the largest privately owned land banks

▪ Includes on-going projects –Cinnamon Life and Tri-Zen

▪ Opportunities for development at land banks held in Crescat City and Cinnamon Lakeside

Vauxhall street land bank

▪ Contiguous 9.38-acre property located in close proximity to the Beira lake waterfront which is earmarked for development of recreational and residential projects by the UDA.

29

Cinnamon Lakeside, Colombo

Vauxhall Street

Union Place

Cinnamon Grand, Colombo

Crescat Boulevard

Cinnamon Life

Developable freehold land of approximately 25 acres in close proximity to Colombo city

▪ Greater connectivity and reduction in travel time to Colombo city post construction of the outer circular expressway.

▪ Direct connectivity to the Port City Colombo and a multi modal transportation hub to be developed.

▪ Opportunity to expand into residential apartment projects in proximity to the Colombo city.

Suburban Space development

▪ Master planning is currently underway for the 18-acre land in Thudella.

▪ The site will be developed in phases, as a fully integrated community with approximately 2,000 units.

▪ The preliminary approvals for the development are in place, and the design work has been initiated.

30

Robust development pipeline; on-going developments

31

2Q FY22 earnings update: Property industry group

• The increase in profitability is attributable to the profit recognition of the residential apartment units at “Cinnamon Life”.

• During the quarter under review, ‘The Offices” at “Cinnamon Life” entered into an agreement with a leading global technology company to occupy over 80 per cent of space in the 30-storey Grade-A office building.

• The sales momentum and interest towards ‘Tri-Zen” continued to strengthen with pre-sales increasing substantially during the quarter, particularly in the month of September which had record sales, despite the disruptions for prospective customers on account of the quarantine curfew.

(Rs. mn) Q2 2021/22 Q2 2020/21

EBITDA 1,261 (12)

Cumulative sales (units)Number of units sold as at

30 September 2021

Cinnamon Life:

The Residence at Cinnamon Life 142

Suites at Cinnamon Life 112

Cinnamon Life commercial complex 4

Tri-Zen 416

Development Pipeline:

• “Tri-Zen”- an 891 apartment residential development in central Colombo.

• Revenue and profit recognition in “Cinnamon Life” will continue throughout the financial year as the handover of the residential apartments and commercial office spaces already sold will be completed in addition to new sales recorded.

• Master planning has been initiated for the jointly held 9.38-acre property in Vauxhall Street and the 18-acre site in Thudella.

• Future development of the land bank held at Rajawella Holdings Limited, as discussed in detail overleaf.

• The “Crescat” mall was closed for refurbishment on 31 December 2020. The repurposing and repositioning of the “Crescat” mall is currently progressing with the revamped property expected to be launched by end November 2021.

Rajawella Holdings Limited (RHL)

▪ Owners of a majority stake in RHL to complement the Group’s leisure and property portfolios

▪ The 500-acre land in Digana includes an 18-hole, Donald Steel designed, Golf Course and developableland extent of approximately 80 acres

▪ Troon International has taken over the management of the course and the refurbishment wascompleted during FY2021. Due to the COVID-19 pandemic, the launch has been postponed to CY2022

▪ Expected appreciation of land value with the completion of the central expressway

▪ From 4Q FY2021 onwards, the Group commenced the process of monetising the land bank at RHL withthe launch of real estate parcels comprising of town houses and villa developments

▪ Accordingly, all land plots in “Peacock Valley” and “Mara Ridge” were fully sold as at 30September 2021

Robust development pipeline: Scenic 500-acre land bank with an 18-hole golf course

32

Cinnamon Life Integrated Resort

33

Integrated development in Colombo

34

Integrated development in Colombo

35

Integrated development in Colombo

36

Aerial view of Cinnamon Life under construction

37

Aerial view of Cinnamon Life under construction

38

Suites at Cinnamon Life

39

Suites at Cinnamon Life

40

The Offices at Cinnamon Life

41

Conferencing ; capacity (4,837 pax) in three venues and car park facility (2,450 slots)

800 guest room hotel, including conferencing, banqueting, 7 specialty restaurants and entertainment facilities

Rentable mall and entertainment space of 372,000 Sq. Ft (Gross – 518,000 Sq. Ft)

First residential development of approximately – 358,000 Sq. Ft (231 units).

Second residential development of approximately – 255,000 Sq. Ft (196 units).

A standalone office development -254,000 Sq. Ft rentable area

Development programme

Note: Areas are subject to change based on final drawings

42

The growth in Indian MICE travel to complement Cinnamon Life

Source: MasterCard

43

1.51.63

1.78

1.94

2.11

2017 2018 2019 2020 2021

Indian Outbound MICE (Millions)

▪ Union Assurance (JKH Stake : 90%)

▪ Committed to a “digital first” business model with an investment of over Rs. 800Mn to become the largest digital insurer in Sri Lanka

▪ Developing Bancassurance channels - UA entered into exclusive bancassurance partnerships with Nations Trust Bank PLC and Union Bank PLC

Financial Services – Insurance sector overview

(%)

5464

7180

89

103

2015 2016 2017 2018 2019 2020

Rs.

Bn

Life Insurance Gross Written Premium

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

Life Insurance Premium as a percentage

of GDP (%)

Global average – 3.35%

Source: Swiss Re sigma No 4 /2020

44

*Excludes a one-off surplus of Rs. 3.38 billion arising from the change in policy liability valuation

Financial Services – Insurance sector overview

45

2Q FY22 earnings update: Financial Services industry group

• Nations Trust Bank PLC recorded an increase in profitability driven by positive loan growth and lower impairment charges despite some pressure on net interest margins stemming from lower interest rates.

• Union Assurance PLC recorded an increase in profitability driven by a growth in gross written premiums. The new business premiums in particular recorded an encouraging increase.

(Rs. mn) Q2 2021/22

Q2 2020/21

EBITDA 982 652

Key performance indicators CY2016 CY2017 CY2018 CY2019 CY2020

Market share (%) 13 14 14 13 13

GWP growth (%) 19 22 11 4 13

Recurring net profit (Rs.Mn) 1,313 4,002* 3,243 1,158 921

Surplus from Life Fund (Rs.Mn) 1,100 3,642 1,100 1,000 825

Life Fund (Rs.Bn) 30.3 29.1 30.6 35.5 41.9

Capital Adequacy Ratio (%) 411 352 262 362 341

Key performance indicators

Q2 FY2021

(Jul – Sep 2020)

Q3 FY2021

(Oct – Dec 2020)

Q4 FY2021

(Jan – Mar 2021)

Q1 FY2022

(Apr – Jun 2022)

Q2 FY2022

(Jul – Sep 2021)

GWP growth (% YoY) 30 17 28 29 18

Net profit (Rs.Mn) 149 434 233 402 684

Net profit growth (% YoY) (2) (36) 40 19 41

▪ Nations Trust Bank (JKH effective economic interest: 32.57%)▪ Focus on SME / retail strategy▪ Franchise for American Express cards

Financial Services – Banking sector overview

46

Key performance indicators CY2015 CY2016 CY2017 CY2018 CY2019 CY2020

Loans and advances growth (%) 22.4 23.7 25.0 19.0 2.0 (7)

Industry (LCB’s) (%) 23.5 17.8 15.8 20.3 5.0 11.9

Return on equity (%) 18.20 17.7 17.4 15.3 12.8 12.1

Industry (LCB’s) (%) 15.7 17.3 17.5 13.7 10.3 11.4

Net Interest Margin (%) 5.5 5.1 4.5 5.0 4.9 4.1

Industry (LCB’s) (%) 3.5 3.5 3.5 3.7 3.6 3.1

NPL ratio (%) 2.8 2.8 2.3 4.6 6.2 7.2

Deposit base (Rs. Bn) 129 152 194 231 227 241

Asset base (Rs. Bn) 176 211 268 325 325 338

Net Profit (Rs. Mn) 2,614 2,869 3,371 3,702 3,454 3,799

Key performance indicatorsQ2 FY2021

(Jul-Sep 2020)Q3 FY2021

(Oct-Dec 2020)Q4 FY2021

(Jan-Mar 2021)Q1 FY2022

(Apr-Jun 2022)Q2 FY2022

(Jul-Sep 2021)

Net profit (Rs. Mn) 1,281 895 1,732 1,422 1,640

Net profit growth (% YoY) 20 (20) 94 95 28

Gross Loan growth (% YoY) (6) (7) (3) 7 16

Net Interest Margin (%) 4.2 4.1 3.8 3.8 3.8

NPL Ratio (%) 7.2 7.2 6.2 5.8 5.3

THANK YOU

This document was produced by John Keells Holdings PLC for information purposes only. The information contained in this document are a review of the financial information pertaining to FY2022 and does not

constitute an issue prospectus or a financial analysis. This Investor Presentation should be read in conjunction with the JKH Annual Report 2020/21 to obtain a more comprehensive understanding of the drivers and

strategies of our businesses.

Whilst John Keells Holdings accepts responsibility for the accuracy of the information contained in this document, it does not assume any responsibility for investment decision made by the prospective investors based

on information contained herein. In making the investment decision, prospective investors must rely on their own examination and assessments of the Company including the risks involved.

47